EX-12 4 npbc12312014ex12.htm EXHIBIT 12 NPBC 12.31.2014 EX 12


NATIONAL PENN BANCSHARES, INC. & SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
Exhibit 12
(Dollars in thousands)
 
 
 
Year Ended December 31,
(unaudited)
 
 
 
2014
 
2013
 
2012
 
2011
 
2010
Computation of Earnings
 
 
 
 
 
 
 
 
 
Net income
 
$
98,706

 
$
53,387

 
$
98,910

 
$
87,544

 
$
21,337

Add: Provision for income taxes
 
33,509

 
9,581

 
32,754

 
25,172

 
11,441

Less: Income (loss) from equity method investments
 
(549
)
 
710

 
1,487

 
2,161

 
799

Income before income taxes
 
132,764

 
62,258

 
130,177

 
110,555

 
31,979

Fixed charges, excluding interest on deposits
 
15,107

 
16,540

 
38,564

 
48,847

 
54,463

     Total earnings for computation,
 
 
 
 
 
 
 
 
 
 
          excluding interest on deposits
 
147,871

 
78,798

 
168,741

 
159,402

 
86,442

Interest on deposits
 
18,543

 
22,379

 
26,822

 
40,534

 
63,929

     Total earnings for computation,
 
 
 
 
 
 
 
 
 
 
          including interest on deposits
 
$
166,414

 
$
101,177

 
$
195,563

 
$
199,936

 
$
150,371

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Computation of Fixed Charges
 
 
 
 
 
 
 
 
 
Portion of net rental expense deemed
 
 
 
 
 
 
 
 
 
 
     representative of interest (a)
 
$
2,745

 
$
2,702

 
$
2,564

 
$
2,450

 
$
2,375

Interest on short-term borrowed funds
 
1,625

 
1,846

 
2,117

 
2,506

 
4,180

Interest on long-term debt
 
10,737

 
11,992

 
33,883

 
43,891

 
47,908

     Total fixed charges, excluding interest on deposits
 
15,107

 
16,540

 
38,564

 
48,847

 
54,463

Interest on deposits
 
18,543

 
22,379

 
26,822

 
40,534

 
63,929

     Total fixed charges, including interest on deposits
 
$
33,650

 
$
38,919

 
$
65,386

 
$
89,381

 
$
118,392

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combined Fixed Charges and Preferred Stock Dividends
 
 
 
 
 
 
 
 
 
Preferred stock dividend on a pre-tax basis
 
$
—

 
$
—

 
$
—

 
$
3,246

 
$
11,522

Total fixed charges, excluding interest on deposits
 
15,107

 
16,540

 
38,564

 
48,847

 
54,463

     Combined fixed charges and preferred stock
 
 
 
 
 
 
 
 
 
 
          dividends, excluding interest on deposits
 
15,107

 
16,540

 
38,564

 
52,093

 
65,985

Interest on deposits
 
18,543

 
22,379

 
26,822

 
40,534

 
63,929

     Combined fixed charges and preferred stock
 
 
 
 
 
 
 
 
 
 
          dividends, including interest on deposits
 
$
33,650

 
$
38,919

 
$
65,386

 
$
92,627

 
$
129,914

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges:
 
 
 
 
 
 
 
 
 
     Excluding interest on deposits
 
9.79x

 
4.76x

 
4.38x

 
3.26x

 
1.59x

     Including interest on deposits
 
4.95x

 
2.60x

 
2.99x

 
2.24x

 
1.27x

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
     and Preferred Stock Dividends:
 
 
 
 
 
 
 
 
 
 
     Excluding interest on deposits
 
9.79x

 
4.76x

 
4.38x

 
3.06x

 
1.31x

     Including interest on deposits
 
4.95x

 
2.60x

 
2.99x

 
2.16x

 
1.16x

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The portion of rents shown as representative of the interest factor is one-third of total net operating rent expense.